Trust Registration Service extends deadline to March

The Trust Registration Service was introduced with effect from June 2017 as part of the updated anti- money laundering requirements. Both existing and new trusts with potential income tax and capital gains tax liabilities now require to be registered online using this service.

Following extensive lobbying by agents and professional bodies to extend the deadline for registering existing trusts, HMRC have extended the deadline from 31 January 2018 to 5 March 2018.

New trusts that are registering for the first time due to a tax consequence arising in 2016-17 still had to be registered before 5 January 2018.

The TRS online service replaces the 41G (Trust) paper form, which was withdrawn at the end of April 2017.